ONEOK Standing Tall Among Large Peers, Analyst Upgrades Stock
Portfolio Pulse from Lekha Gupta
Scotiabank analyst Tristan J. Richardson upgraded ONEOK Inc (NYSE:OKE) to Sector Outperform from Sector Perform, raising the price target to $78 from $74. The upgrade follows ONEOK's recent acquisition of Magellan Midstream Partners for $18.8 billion. The analyst projects ONEOK to generate around 50% of FY24 EBITDA from stable cash flow businesses and expects a 6% dividend increase in FY24. Despite the positive outlook, OKE shares are trading lower by 2.14% at $62.08.
October 02, 2023 | 6:28 pm
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ONEOK Inc's stock has been upgraded by Scotiabank following its acquisition of Magellan Midstream Partners. Despite the upgrade, the stock is currently trading lower.
The upgrade by Scotiabank indicates a positive outlook for ONEOK Inc, especially with the recent acquisition of Magellan Midstream Partners. This could potentially attract more investors, driving the stock price up in the short term. However, the current trading lower might be a temporary reaction to the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100